First of all, we would like to express our gratitude to His Excellency Mr. Ilham Aliyev, President of the Republic of Azerbaijan for his personal efforts to highly contribute to expansion of bilateral cooperation between Azerbaijan and China in a strategic level. Through his leadership Chinese investments and businesses in Azerbaijan are well protected and flourish tremendously.
The ideas of investment and joint venture were initially discussed during the visit of delegation of the State Agency for Advertising of Azerbaijan (ADRA) in China a year and half ago and were further discussed and confirmed during the visit of GCL delegation in Azerbaijan for the third time. As per the feasibility plan then GCL delegation first time visited Azerbaijan to really understand the potential capacity both for manufacture and the penetration of displays. As through various supports and concessions the President encourages the local manufacturers that create more jobs and boost the innovations we saw a big opportunity for investment into the manufacture of digital displays in Azerbaijan. We were impressed and found the business to be feasible with the local support impressively rendered.
This joint venture will be extremely helpful for facilitating the set up and further introducing the products not only to the local but also the regional markets including the CIS countries. Both parties are confident that this joint venture will meet the expectations for the development of domestic manufacturing capacity of Azerbaijan as well as the future development of GCL itself.